Parent of Balducci’s, Kings Food Stores Files for Bankruptcy (1)

The parent company of gourmet grocers Balducci’s Food Lover’s Market and Kings Food Markets filed for bankruptcy in New York with a plan to sell itself for $75 million.

The Chapter 11 filing lets Parsippany, New Jersey-based KB US Holdings Inc. continue operating the businesses while it works out a plan to repay creditors. A $75 million bid from investment firm TLI Bedrock sets the floor for higher and better offers.

KB is trying to close the sale in the next 60 days, the company said in a statement, and has obtained a commitment for a $20 million bankruptcy ...